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Georgia Activity Tumbles 25% in March
Georgia construction contract activity decreased by 25% in March, compared to the same period of a year ago, McGraw-Hill Construction reported. The value of contracts signed during March for future construction totaled slightly more than $2 billion, down from the $2.7 billion reported last March.
Residential construction declined by 33% to a monthly total of about $1.2 billion, down from the $1.8 billion reported last March. Nonbuilding construction also fell, by 19%, to tally about $303.6 million, down from last March’s $373.2 million. Nonresidential was flat compared to last March, with a $520.8 million tally.
For the year-to-date, Georgia contract activity is now 11% behind the first quarter of 2006, with the total value of new contracts at about $6.1 billion, down from the $6.9 billion of a year ago. Nonresidential is the lone bright spot, 16% ahead of last year’s pace, with a total of nearly $1.8 billion so far. Residential construction, estimated at $3.6 billion, is 18% down compared to last year. Nonbuilding construction, totaling roughly $761.1 million, is 24% behind last year’s pace.
Cousins Starts 10 Terminus Place
Atlanta-based Cousins Properties announced it has begun construction of 10 Terminus Place, a 32-story, 142-unit condominium tower in Atlanta. Slated for completion during the third quarter of 2008, the project is the second building to start at Terminus, the company’s planned 10-acre, $660 million mixed-use project at the intersection of Peachtree and Piedmont roads in Atlanta’s Buckhead district.
According to Cousins, units start at more than $300,000 and go above $3 million.
The first building at Terminus is the 27-story, 650,000-sq-ft Terminus 100, which includes 584,000 sq ft of office space and more than 60,000 sq ft of restaurant and retail. It opened in early April.
Future phases of Terminus include Terminus 200, a 25-story, 580,000-sq-ft office building, expected to deliver during the second quarter of 2009, and two planned 40-story condominium buildings.
R.J. Griffin Starts Atlantic, Gwinnett Medical Center Projects
Atlanta-based R.J. Griffin & Co. announced it has started construction of The Atlantic for developer Novare Group. The 50-story, 401-unit condominium project, featuring 10,000 sq ft of retail, is under way along 17th Street in the Atlantic Station development. The project was designed by Smallwood, Reynolds, Stewart, Stewart of Atlanta.
R.J. Griffin also reported it has commenced construction of a $61 million, six-story, 175,000-sq-ft patient tower expansion for Gwinnett Medical Center in Lawrenceville, Ga.
The expansion includes the construction of a 155-bed patient tower on top of Gwinnett Medical Center’s existing support services building. It features a 115-ft-long connector bridge over the original hospital building to the medical center’s south tower. R.J. Griffin’s contract also includes 40,000 sq ft of renovations to the existing hospital. The project was designed by Perkins + Will of Atlanta.
The contractor mobilized its crews on March 1. Completion is currently targeted for mid-2009.
BHC Property Group to Redevelop 40-Acre GM Site
BHC Property Group of Atlanta announced plans for a $150 million project to turn the site of the old Lakewood General Motors plant into a mixed-use development of shops, townhomes, condominiums and apartments.
The firm’s proposal calls for a 40-acre village comprised of 324 townhomes, 210 condominiums and 610 apartment homes.
Lord Aeck and Sargent is the lead planning firm on the project. Construction on the redevelopment is expected to start in 2008.
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